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2019 marked the rise of the Direct Listing.

SNAP Inc., the parent company of Snapchat, went public yesterday with a valuation of approximately $33.4 billion.

Choosing to sell is only the first of many complicated decisions founders make when considering an exit. Founders face countless challenges at this crucial turning point for their company.

As COVID-19 spreads throughout the United States and around the globe, companies are wondering what they can or should be doing to ensure the on-going effectiveness of their equity incentive and other compensation plans.

Mr. Higgins focused his remarks on a number of the areas on which the Staff of the Division of Corporation Finance is focused in the context of its disclosure reviews.

Nasdaq reasoned that "book value is not an appropriate measure of whether a transaction is dilutive or should otherwise require shareholder approval."

In a previous client alert we discussed rules proposed in August 2012 by the Securities and Exchange Commission to allow for general solicitation, or public advertising, in private securities offerings conducted pursuant to Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933.

White began her keynote by acknowledging that the initial public offering (IPO) and private financing landscapes have shifted, as more companies than in the past have decided to remain private longer.

The Financial Industry Regulatory Authority (“FINRA”) has proposed and is requesting comment on “Proposed Research Registration and Conflict of Interest Rules” (Regulatory Notice 08-55), which would liberalize existing rules restricting the issuance of analyst research around initial public offerings and secondary offerings.

Under the Proposals, the Listing Regulatory Committee (with equal representation from the SFC and the Exchange) will be established to decide on initial listing applications that have suitability concerns...

As we noted previously, the SEC has extended the deadline for taking action on proposed stock exchange listing rules relating to compensation committees and their advisers to January 13, 2013.

At an open meeting held June 28, 2018, the SEC voted unanimously to propose a new rule codifying exemptions to certain rules under the Investment Company Act.

The UK Financial Conduct Authority (FCA) has today published its long-awaited reforms to the UK's listing regime (Listing Rules), designed to reinvigorate UK capital markets and make the listing regime...

Consolidation continues to reshape the banking industry. The number of FDIC-insured banks has fallen from over 18,000 in the mid-1980s to fewer than 4,300 today. Bank M&A activity remains steady, with deal volume growing in 2024 and 2025, and 2026 looking to come close to 2025 numbers.

IPO recovery? Last year was the most active year for IPOs in the United States since 2000.

The year 2014 is on track to be the most active IPO market in the United States since 2000, with the mid-year total number of IPOs topping last year’s.

The major development in the Hong Kong capital markets since our last issue was undoubtedly the coming into effect on October 1, 2013 of the SFC’s revisions to the sponsor regime, and the related Listing Rule changes published by the Exchange in July.

The Jumpstart Our Business Startups Act (the "JOBS Act") was enacted on April 5, 2012.